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ScottyMacEsq
ScottyMacEsq, Attorney
Category: Legal
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Experience:  Licensed Texas General Practice Attorney
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I mistakenly co-signed a car loan last year for my now ex-fiance

Resolved Question:

I mistakenly co-signed a car loan last year for my now ex-fiance how can i be removed from the loan because i don't trust her not to ruin my credit
Submitted: 1 year ago.
Category: Legal
Expert:  ScottyMacEsq replied 1 year ago.

ScottyMacEsq :

Thank you for using JustAnswer. I am researching your issue and will respond shortly.

ScottyMacEsq :

I'm sorry to hear about your situation. When you say that you "mistakenly" signed one, do you mean that (a) it was ill advised, or (b) you were tricked into signing it, believing it to be something entirely different?

Customer:

mistakenly because i beveled that there was a future with this person

ScottyMacEsq :

But it was not due to fraud or deceit; rather things just did not work out with her, correct?

Customer:

no fraud other than her letting believe everything was great in the relationship

Customer:

until she just disappeared and is only recently contacting me again to retrieve some personal item she left

ScottyMacEsq :

unfortunately, this situation is far too common. Cosigner liability is a question that I get asked on a weekly basis, as individuals who cosigned loans later on realize that the individual that they cosigned for is either defaulting on an agreement, or the underlying relationship breaks down, and the cosigner realizes that he or she may have liability in the future. The whole point of cosigning is usually so that someone will get approved for a loan. It is a specific agreement to the lender or other creditor that you will pay if she doesn't.

ScottyMacEsq :

assuming that there was no fraud in this situation, the only way that you could get out of this agreement is if the creditor voluntarily lets you out (this is called a "release").

ScottyMacEsq :

now if she does not pay on this agreement, you would have a claim against or for any payment that you would have to make as well as any impact that it would have on your credit score or credit report. The fact that you signed an agreement as a cosigner, without any insinuation of fraud, then it would be almost impossible to get that rescinded.

ScottyMacEsq :

If I were you I would contact the lender and ask what needs to be done to be released as a cosigner to the agreement, letting them knowthat the relationship has broken down and that you're no longer together.

Customer:

all i know is the lender i dont have the loan number because she took the paperwork when she lft

ScottyMacEsq :

understand that they have no legal obligation to release you. Often they will in certain situations, such as if the individual currently has good credit, good payment history, etc. but there is no obligation or way to get out of this ( except in the situation of you declaring bankruptcy)...

ScottyMacEsq :

You can still contact the lender, letting them know that you don't have the loan number. They can look it up.

Customer:

i cant sue her and make her refinance right?

Customer:

so that way im removed

ScottyMacEsq :

You could sue her, But until she has defaulted on the loan itself, the case would not yet be "ripe". What that means is that there is no current case or controversy. This is something that a court would have to have in order to have jurisdiction over the case. It's not going to look at potential harm, but only restitution for actual harm.

ScottyMacEsq :

(so that would mean that you would not win)

ScottyMacEsq :

You could threaten her with a lawsuit (in effect, bluffing) hopefully to get her to refinance.

ScottyMacEsq :

But if you were to actually sue, without her defaulting, there would not yet be a case for a court to handle.

Customer:

ok how do i find out if she defaults ? i

ScottyMacEsq :

Contact the lender, and let them know your contact information (if they don't release you from the loan).

ScottyMacEsq :

They don't want to take it to court or get a collection agency involved unless they have to, so they will contact you first if they have your contact information,.

ScottyMacEsq :

I wish I could tell that there was some way to get you removed as the cosigner from this agreement, but if there was such a legal procedure, that would pretty much nullify the whole rationale for lenders having cosigners.

ScottyMacEsq :

I know this is probably not what you wanted to hear, but it is the law. I hope that clears things up anyway. If you have any other questions, please let me know. If not, and you have not yet, please rate my answer AND press the "submit" button, if applicable. Please note that I don't get any credit for my answer unless and until you rate it a 3, 4, 5 (good or better). Thank you, XXXXX XXXXX luck to you!

Customer:

thank you

ScottyMacEsq :

My pleasure.If you have any other questions, please let me know. If not, and you have not yet, please rate my answer AND press the "submit" button, if applicable. Please note that I don't get any credit for my answer unless and until you rate it a 3, 4, 5 (good or better). Thank you, XXXXX XXXXX good luck to you!

ScottyMacEsq :

Did you have any other questions before you rate this answer?

ScottyMacEsq :

Are you there? Please note that I am still here, awaiting your response or your rating. Please note that your rating closes out this question and allows me to assist other customers.

ScottyMacEsq :

Please respond. I am patiently waiting, but there are other customers that are awaiting an answer to their questions, and I only get credit for questions answered AND rated, not how long I spend on a question.

ScottyMacEsq :

Should I continue to await your response, or may I assist the other customers that are waiting?

ScottyMacEsq :

My apologies, but I must assist the other customers that are waiting. If there's nothing else, please rate this answer. Please note that I don't get any credit for the time (~30 minutes) and effort that I spent on this answer unless and until you rate it a 3, 4, 5 (good or better) AND press the "submit" button, if applicable. If you feel that I have gone above and beyond in this answer (my average answer is about 10 minutes) bonuses are greatly appreciated. Thank you, XXXXX XXXXX luck to you!

ScottyMacEsq :

I see that you have not responded in some time. Please note that this question is still open until you rate it as good or better. I believe that I have answered your question, but if you have any other questions, please let me know. If not, and you have not yet, please rate my answer AND press the "submit" button, if applicable. Please note that I don't get any credit for my answer unless and until you rate it a 3, 4, 5 (good or better). Thank you, XXXXX XXXXX luck to you!


Customer:

sorry walked away from the machine im rating it now

ScottyMacEsq, Attorney
Category: Legal
Satisfied Customers: 12221
Experience: Licensed Texas General Practice Attorney
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ScottyMacEsq
ScottyMacEsq
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Licensed Texas General Practice Attorney